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What is LTC?

Litecoin is a cryptocurrency with wide brand recognition and near-universal support on exchanges and multi-currency crypto wallets, including hardware wallets. Created by Charlie Lee in 2011, Litecoin was launched as a fork of Bitcoin.

It is often described as "the silver to Bitcoin's gold" due to its speed and low transaction fees, making for relatively better useability.

Litecoin is regarded as one of the most trusted and time-tested alternatives for Bitcoin. It has always been regarded among the top crypto coins alongside Bitcoin and Ethereum.

Litecoin has also seen a long and steady rise in price. Starting at just a few cents each, Litecoin prices today tend to range between $100 to $150 per coin, representing a significant appreciation since launch.

Additionally, virtually every cryptocurrency exchange, wallet, and CeFi service support LTC or LTC trading. A growing number of platforms, including OKX, also offer the ability to earn a return just by holding Litecoin.

Litecoin also recently launched its highly anticipated MimbleWimble upgrade, which allows for totally anonymous transactions on the network, similar to other private networks like zCash (ZEC) and Monero (XMR).

In addition to comparatively low transaction fees, the Litecoin blockchain has a faster block time - 2.5 minutes, compared to Bitcoin's 10 minutes - and a larger maximum coin supply of 84 million coins. The Litecoin blockchain uses proof-of-work mining to process transactions and secures the chain.

Miners that mine Litecoin can also mine the popular Dogecoin (DOGE) simultaneously without needing additional energy. This means that as long as miners support Litecoin or Dogecoin, both chains will benefit from the increased security of having more miners.

Why buy LTC with OKX?

What can I do after I buy LTC?

Since it also uses a blockchain ledger, Litecoin is a cryptocurrency like Bitcoin and, as such, is similarly traded. You can buy Litecoin on OKX in minutes using a range of different payment methods, including credit and debit cards, bank transfers and PayPal.

Using an exchange like OKX also facilitates users because their newly purchased or traded LTC tokens are kept securely on the platform and are credited into users' accounts, available to be sold or transferred as required.

Ultimately, users should always buy cryptocurrency like LTC tokens from a reliable exchange. If they withdraw their digital assets to a personal wallet, they should keep their private keys safe and backed up to ensure the security of their funds.

OKX is one of the few cryptocurrency platforms allowing users to buy Litecoin directly with a credit card or bank transfer. Once you have Litecoin in your OKX account, you can also choose to earn a regular return on your Litecoin through the OKX earn feature.

Most Litecoin investors subscribe to the HODL mentality to buy Litecoin and hold on to it long term. This strategy often includes yield-bearing features like those offered by OKX Earn. This allows you to earn value not just by price appreciation but also by increasing the amount of Litecoin you hold over time.

Most DeFi platforms that support Litecoin also allow users to use Litecoin as collateral for taking out cash loans at comparatively lower interest rates.

Others, however, choose to take advantage of the consistent but often predictable price volatility of Litecoin to make short-term profits. Since Litecoin prices have historically been quite stable, some investors may see speculating in Litecoin to be a safer choice than assets that have more volatility or lack a proven 10+ year track record.

In addition to investing in, trading, and holding Litecoin, a growing number of businesses accept Litecoin directly as payment. Most businesses include VPN service providers, CBD products retailers and fashion brands. For businesses that don't take Litecoin directly, several debit card options allow users to pay in LTC, such as the Litecoin Card that uses the Visa payment network.

How to buy Cryptocurrency and store it safely?

Guide on how to buy Litecoin (LTC)

How to buy Litecoin with a credit card

Easily buy Litecoin with your VISA, MasterCard, or ApplePay credit card on OKX. To begin, log in to the OKX website or install the OKX app. Create an account and verify your identity to set up your account. Select Litecoin as the asset you wish to purchase and select the desired payment method to confirm your transaction.

Buy Litecoin with a bank transfer

At OKX, you can buy Litecoin and pay for your tokens via your bank account. To begin, choose the amount the of funds you would like to deposit. Once the deposit clears, you may proceed to purchase Litecoin tokens with your deposited funds.

Start trading Litecoin

To trade with Litecoin, deposit any cryptocurrenct that is supported by OKX such as BTC, ETH, or SOL. Then navigate to our trading terminal, select LTC and the relevant token you want to swap it with to complete the trade.

FAQs

What are the key differences between Bitcoin and Litecoin?
As per its name, Litecoin was designed to be a faster, lightweight alternative to Bitcoin. Litecoin has a 2.5 minute block time, four times faster than Bitcoin, and a coin supply four times larger than Bitcoin at 84 million coins. Litecoin also uses a different mining algorithm, which means that Bitcoin mining hardware cannot be used to mine Litecoin.
Can I send LTC to a BTC address?
No. You will need a Litecoin address or wallet. Funds could be permanently lost if LTC is sent to a BTC address or wallet. Additionally, some BTC and LTC address formats can look extremely similar, so always be mindful when sending cryptocurrency.
Do I need ETH or another cryptocurrency to pay for LTC transaction fees when I withdraw from my OKX or another wallet?
No. Litecoin is its own blockchain and doesn't require any other assets to pay for transaction fees.
Why are LTC prices so much lower than BTC?
Litecoin creator Charlie Lee intended for Litecoin to have a generally lower per-coin price than BTC. This is evidenced by Litecoin's much larger coin supply of 84 million. A larger coin supply typically means a lower price per coin. In addition, Litecoin also has a lower market cap than Bitcoin, resulting in a lower price.
Is Litecoin still relevant even after the advent of layer-2 solutions like Lightning Network that lower Bitcoin transaction fees?
Over the past decade, Litecoin has managed to maintain its popularity and widespread, even amid growing competitors.

Layer-2 solutions like Lightning Network are still years away from widespread adoption, even among crypto enthusiasts. It also has its complications due to how payment channels inherently operate.

While Litecoin's unique market position may change over time, the team behind its development is working on adding new features to further enhance its market position, such as adding the major privacy protocol upgrade, MimbleWimble.
What are the most popular cryptocurrencies to invest in today?
Top crypto, based on market capitalization or total circulation value, include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP (XRP).
However, like all other crypto, the above are also featured with volatility and risks. You should do your own research (DYOR) and evaluate your risk appetite before investing in any crypto.
What are the top cryptocurrencies I can buy on OKX now?
OKX provides access to hundreds of crypto and trading pairings. Some of the most popular crypto on OKX include BTC, ETH, USDT, DOGE, SOL and OKB. You can visit our brand-new OKX Crypto Calculator. Select a crypto and a fiat currency to check the estimated real-time price.